RBC will raise mortgage rates Friday

RBC will raise mortgage rates Friday


Reported by this morning

The Royal Bank of Canada says it will increase rates on some mortgages from Friday. Fixed mortgages of between 2 and 5 years will rise by 10 basis points while 5-year loans will rise by 15 per cent. While the federal regulations on mortgage lending have tightened conditions for the banks RBC’s Sean Amato-Gauci said that the increases were due to a number of market conditions. Although RBC is the only lender to have announced the move so far it is expected that others will follow.


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